Ethereum [ETH] Bulls Defend $2k Despite Sliding From Overbought Conditions

Ethereum [ETH] has managed to hold its fort above the highly coveted region of $2k after establishing an ATH last week. The world’s largest altcoin has moved to an increasingly volatile zone as it raked in gains of over 17% over the week.

The crypto-asset started the month off on an extremely bullish tone despite hitting a short-term pullback as the surge provided an opportunity for the short-term traders.

At the time of writing, Ethereum [ETH] was trading at $2,083 as it held a market cap of $240 billion. The crypto-asset noted a minor rise of 0.46% over the last 24-hours while registering a trading volume of $26.14 billion.

Ethereum [ETH] Daily Price Chart:

Ethereum [ETH] has maintained a strong uptrend since the mid-March pullback. The rising volatility could, in fact, push the price of the digital asset even higher.

The 50 DMA [Pink] did outpace the ETH candles briefly before the bulls successfully defended and pushed the price higher. At the time of writing, both the moving averages hovered well below the candlestick arrangement depicting a bullish phase. T

The gauge between the upsloping 100 DMA [Blue] and the 50 DMA, however, appeared to be converging which could signal a potential bearish crossover in the near term if the selling pressure intensifies. This could further trigger ETH’s price test support levels.

The Chaikin Money Flow [CMF] was struggling to hold above the zero-line depicting a decline in the flow of capital into the ETH market.

The Klinger Oscillator, however, continued to favor the bulls as buying demand surged.

Having said that, the RSI was turned down from the overbought zone and was currently floating above 63. This was indicative that the sentiment of buying pressure was intact even as Ethereum’s price faltered in the short-term.

If the buyers manage to drive ETH higher, the nearest resistance that the crypto-asset could target was the recently breached $2,140 while support levels for the coin stood untested at $1,782, $1,582 and $1,418 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.